In 2019, Mutual of Omaha, an Omaha-based insurer will begin selling Medicare Advantage plans with prescription drug coverage. They have partnered up with Lumeris, a St. Louis company that will handle the health provider networks, and healthcare solutions.

The Kaiser Family Foundation recorded that one in three Medicare recipients are enrolled in a Medicare Advantage plan. They project the number to rise to nearly 41 percent by the year 2027.

Omaha is introducing Medicare Advantage Plans in 2019 to provide options for seniors.

The Plan

James Blackledge, the Mutual Chairman and CEO said “Our entrance into the Medicare Advantage market represents a significant step forward for Mutual of Omaha as we strive to respond to customer needs and offer a meaningful suite of senior health solutions. We’re confident that our collaboration with Lumeris will lead to better health outcomes for our Medicare Advantage customers.”

Mutual started in 1909, and has been one of the first providers of Medicare Supplement plans. But recently Medicare Supplement plan sales have been declining, while Advantage sales have increased.

Lumeris has over 10 years of experience with Medicare Advantage plans, even starting their own called Essence Healthcare, which has about 65,000 members in the St. Louis area. They have built a value-based model to provide seniors with better health for a lower cost while providing a better patient and physician experience. The company functions to help other medical providers deliver better care and financial outcomes by its value-based care model.

The idea is to create more plans so that Medicare beneficiaries can save money, and receive better care.

“Our new initiative with Mutual of Omaha is exciting because it enables both of our companies to build on our successes while remaining laser-focused on what matters most—delivering the highest quality care to seniors,” said Lumeris Chairman and CEO Mike Long. “This new partnership also leverages each company’s unique strengths to benefit the larger healthcare ecosystem. Together, we will make a deeper, more meaningful difference in the lives of patients and providers.”

Hopeful Future

The alliance between the companies will allow Mutual of Omaha to continue to lead in the senior health market. Mutual will provide Medicare Advantage plans, while Lumeris will evaluate markets, and establish networks.

A Mutual executive vice president, Brad Beuchler said that the plans will have narrow networks. The networks will be limited as to how many physicians, hospitals and care providers to choose from. This way there will be reduced costs while improving efficiency and medical outcomes.

The multiyear agreement is expected to be ready by Medicare open enrollment October 15, and the plans taking effect January 1, 2019. This will hopefully provide better healthcare quality with lower costs for seniors.

Many Americans are turning 65 every day, and can be overwhelmed with the retirement costs to come, especially when unprepared. It is important to plan for retirement and costs for Medicare. Most people underestimate the expenses during retirement. It is important to make research medical costs and plan accordingly.

As you get close to retirement, it is important to plan ahead for monthly Medicare costs. Medicare only covers 60% of costs, consider Medicare Supplement to cover the rest.

Medicare only covers about 60 percent of costs, leaving retirees to pay the rest out of pocket. Over time, Medicare costs such as premiums will increase over time, so it is important to budget for this.

Find Out Medicare Costs and Additional Insurance

Depending on your preference, there are many possibilities for out-of-pocket expenses regarding your insurance. One of the main payments you will have are Medicare Part B monthly premiums and an annual Part B deductible. The annual deductible is roughly $183, and the monthly premium amount will depend on your income, which is on average $134 a month.

Medicare does not cover prescription drugs or dental and vision care, so if you would like extra coverage and relieve some of the financial burden, many people choose to buy a Medicare Supplemental Insurance or Medicare Advantage.

Long-term care insurance is also something you should consider, considering Medicare does not cover the majority of long-term care costs.

Figure Out Your Medicare Costs

It is important to account and budget for your medical costs within your retirement and social security funds.

Monthly Medicare Part B Premiums for 2018. See how much your premiums will be.

Medicare Part B premiums will depend mainly on your income.

There are 10 different kinds of Medicare supplement insurance plans to choose from. It is important to go over each plan, what they cover, and their costs to determine if it will fit within your budget. Plans F and G are typically the most popular because they offer the most coverage with an out of pocket limit. This means once you have reached the out of pocket limit, any other expenses will be covered by the company.

If you are looking into long-term care insurance, it can cost you nearly $100-$150 a month.

Taking all of these costs into consideration is important to determine your retirement costs, and have money left for other living expenses such as food, rent, etc.

Planning your budget during retirement can become very overwhelming. There are many different routes to choose when it comes to your medical needs. EZ.Insure can guide you in the right direction that meets your needs. We can help you estimate your budget and help you determine what you can afford with what you need. We can go over all the different kinds of Medicare Supplement Plans and Medicare Advantage Plans, and when you are ready, we can also help you through the process of signing up.

Enter your zip code in the bar above to get an instant quote. You can reach one of our knowledgeable agents within your region by calling 855-220-1144, or e-mailing replies@ez.insure. Our agents will help you with any questions you have, and guide through the process step by step, all at no cost to you. No commitment, no bouncing from agent to agent, no hassle. We make it easy.

Medicare may sometimes fall short on coverage and can be a financial burden to retirees. It is wise to look into Medicare Supplement Insurance to help ease the burden, and receive more coverage. Medicare Supplement is offered by private companies that are regulated by states. There are different policy premium rates by different companies, and it can be confusing.

Medicare Supplement Plan rates are assessed based on different factors: age and community.

Medicare Supplemental Insurance offers coverage for things that traditional Medicare does not cover. Once you begin paying premiums for a Medicare Supplement Insurance, you will have more coverage, and save more money. Competition between insurance companies is allowed, which is why there are different prices. There are three ways that companies calculate a premium rate.

Community-Rated

The same monthly premium is usually charged to everyone, regardless of age. Someone 65 will pay the same price as someone who is 72. Premiums are not based on your age, and the only reason premiums may go up is because of inflation, never because of your age. However, state to state and community to community, insurance companies do not have to have the same rates.

For example, Mr. Halpert is 65 and buys a Medicare Supplement plan at $160 a month. Mr. Scott is 75 and buys the same plan as Mr. Halpert. He also pays $160 monthly because everyone pays the same price regardless of age.

Issue-Age-Rated

Premium pricing is based on the age you are when you purchase a Medicare Supplement Insurance plan. The younger you are, then the lower your premium will initially be, and will not change as you get older.

Premiums may go up because of inflation and other factors, but not because of your age. Switching plans later in life may result in rates being higher than if they chose the same plan when they started.

Plans are either community rated, attained-age rated or issue-age rated.

For example, Mr. Halpert is 65 and purchases a Medicare Supplement plan, paying $140 a month. Mr. Scott is 75 and purchases the same plan as Mr. Halpert. But, because Mr. Scott is older, his monthly premiums are $180.

Attained-Age-Rated

The last method of creating a premium is when premiums are based on your current age of when you first start the policy. The premium is low for younger buyers, age 65, but the rate goes up every year as you get older.

For example, Mr. Halpert is 65 and purchases a plan for $130 a month. The premium will go up each year, so at 66 it will cost him $136, at 67 it will be $142 and so on.

Now Mr. Scott is 75 and purchases the same plan as Mr. Halpert, but pays $170 a month. His premium is higher than Mr. Halpert’s because it is based on his current age. The premium will also go up each year, so at 73, it will cost him $176, at 74 it will be $182, and so on.

Costs of Medicare Supplement Plans can vary between insurance companies for the same coverage. It is important to compare rates from private insurers to find the most affordable price for the same coverage. EZ.Insure understands how difficult this process can be, so we make it easy for you. We will compare all policies around your area, and find you the most affordable Medicare Supplement plan, with the coverage you need. To compare rates and get different quotes, enter your zip code in the bar above. If you would like to speak to one of agents who are trained and knowledgeable for your region, call 855-220-1144, or email us at replies@ez.insure. Even if you are renewing a Medicare Supplement plan during the open enrollment period, we can help find the best rates, since they are subject to change every year.

With the internet at our fingertips, many people would rather research things on their own rather than seek professional help. People are worried that a professional will try to sell them something that they do not need or that is overpriced. This is no different with people seeking Medicare quotes and plans. The problem with looking up your own information is that you do not necessarily get all the information you need. A professional agent will have more knowledge to give based on their years of experience.

A Medicare agent will provide professional advice on which plan is best for you.

A lot of people think that a Medicare agent is paid by the client, but this is not true. These agents are paid by the insurance company and their services cost nothing to the client, working with an agent does not raise your rates. A Medicare agent makes their money by keeping their clients happy, and when their clients keep their plan for years. Using an agent will not cost you anything and there are no hidden fees. They are just there to provide knowledge for you to make a decision on your Medicare.

Expert Advice

Speaking with an agent will help guide you through the process of getting Medicare. Leaving health insurance or group plan, while searching for Medicare options, plans, and benefits can be stressful. Medicare is not the same as health insurance and there are many options you have to choose from. This is why a Medicare agent can be helpful. They offer their expert advice on what is the best option so you get what you need and save money. Licensed agents go through many hours of training every year so they can sell Medicare plans. They will have up to date knowledge to share with you that you might not have access to yet.

Negotiate Prices

Finding a plan on your own can not only be exhausting and overwhelming, but it can also cost you. Agents can gather all the information they need and search for the best plan that meets your individual needs. Using an agent allows you to negotiate prices as opposed finding quotes online and doing it on your own.

Time Saver

Utilizing a Medicare agent can help you save money.

Instead of wasting hours, days, and maybe even months searching for a Medicare plan on your own, you can save a lot of time by using a Medicare agent. Agents are very knowledgeable and are able to compare plans for you a lot quicker than you can yourself.

Continued Service

Agents are trained for your specific region and area, so they know the network of providers and suppliers local to you. Your relationship with your agent does not stop when the Medicare plan sale is made. Your agent can help review your Medicare coverage every year during the Annual Enrollment Period. Then they can determine if your current plan is best or if you should make a change. They can help you with any concerns that you have with your plan and help. Once you have an agent you like they can stay with you as long as you are on medicare.

EZ.Insure guarantees to provide you with a highly trained and knowledgeable Medicare agent for your region. We provide you with your own personal advisor to help you compare plans, and help pick the best plan at a reasonable price. We know having one person you can work with over and over again makes things easier, so we make sure we get you to the right person. We want to make sure you are matched with someone who has all the information for your local plans and can help you for as long as you need, year after year. It can be a hectic and stressful time, but we will make it easy for you, so you don’t have to stress or worry. Contact an agent by emailing us at replies@ez.inure, calling 855-220-1144, or entering your zip code in the bar above to get quotes.

The fourth quarter is when senior citizens learn about their social security benefits and Medicare. They find out if they will receive higher social security, and how much, also how much monthly premiums will be for Medicare. Most people with Medicare will face higher premiums in 2018.

The Part B premium increases will not only will this affect older adults who were stable due to their social security benefits, but it will affect a large number of low-income seniors who struggle on a fixed income.

“Hold Harmless”

In order to protect senior citizens living on fixed incomes, a federal law provision, “hold harmless,” prevents Medicare from raising Part B premiums more than their annual cost-of-living adjustment (COLA) from Social Security. The premiums are being automatically deducted from their Social Security checks. About 70 percent of Medicare enrollees are protected by the “hold harmless” rule.

In 2016, there was no Social Security COLA, so those under “hold harmless,” did not have their Part B premiums rise that year. Last year, Social Security gave enrollees .03 percent COLA, raising premiums from 104.90 to $109 for the hold harmless group. But, Medicare enrollees not in the group (30%) had to pay the full raise in premium, $134.

The Changes

In 2018, the cost-of-living adjustment will go up 2%, which is the highest raise in six years that senior citizens have received. This year, the Medicare Part B premium has remained unchanged from last year’s $134 a month. Because of the premium remaining unchanged, majority of seniors that were protected by the hold harmless provision will be get hit with a major increase in their premium. They will be expected to go from paying $109 a month, to $134 a month, a $25 a month increase. The $25 these senior citizens will be paying leaves them will little to no money for expenses.

Enrollees who are not part of the group, about 30 percent, will not see any additional costs because they already took the hit the previous year.

For high-income enrollees, the more you have the more you pay. Their Part B premiums will increase depending on their income, rising anywhere from $187.50 to $428.60.

Income (adjusted gross income plus tax-exempt interest income):

Single tax return

Married filing jointly

Monthly Part B premium (per person)

$85,000 or less

$170,000 or less

$134 (may be less if covered by the hold-harmless provision)

$85,001 to $107,000

$170,001 to $214,000

$187.50

$107,001 to $133,500

$214,001 to $267,000

$267.90

$133,501 to $160,000

$267,001 to $320,000

$348.30

More than $160,000

More than $320,000

$428.60

Other Alternatives

Head of the Centers for Medicare and Medicaid Services, Seema Verma said in a news release, “We encourage Medicare beneficiaries to explore their options to make an informed choice between original Medicare and Medicare Advantage before open enrollment ends on Dec. 7.”

It is a good time to begin exploring other options, to avoid the large financial hit from the increase of Part B premiums. Medicare Advantage plans, Part C, have become popular, offering all that Medicare offers, sometimes cheaper. Instead of having to enroll in Part A, and Part B, and buying a separate Part D (prescription drug plan), Medicare Advantage has all of these under one plan. Medicare Advantage also offers an annual out-of-pocket limit, meaning once you have reached this limit, you will have no more out of pocket expenses.

Another option to consider helping pay for Part B premiums is a Medicare Supplement plan. These plans help pay the 20% that Medicare leaves up to the individual to pay.

It may be confusing comparing plans and figuring out which will tailor your needs, on a budget. EZ.Insure ensures finding you the best Medicare Advantage or Medicare Supplement plan in your region, within your financial plan. Get a quote by entering your zip code in the bar above. You can also call 888-753-7207, or email replies@ez.insure.You will be assigned your own highly trained agent to fulfill your needs.